Long Island City Holiday Inn hits the market for nearly $60M

Buyer could revamp property as luxury hotel when franchise deal ends in five years

TRD New York /
Jun.June 05, 2014 04:20 PM

Holiday Inn Manhattan View, a 136-room hotel in Long Island City, Queens, is on the market for $59 million.

Developer Queens Plaza North opened the 13-story property at 39-05 29th Street in early 2009. Initially planned as a luxury hotel, the project switched gears in the wake of the financial crisis, opting to enter a 10-year franchise agreement with Holiday Inn instead. The deal will be up in five years, however, enabling the potential buyer to expand or revamp the hotel altogether.

“You will have the opportunity to rebrand it, perhaps as an independent boutique,” Marion Jones, an Eastern Consolidated broker who is marketing the hotel along with Adelaide Polsinelli, Gary Meese and Jason Marin, told Crain’s.

The Holiday Inn currently operates at roughly 86 percent capacity, according to Crain’s, and includes a ground-floor restaurant. [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Clutter CEO and co-founder Ari Mir, and clockwise from left: 280 Fullerton Avenue, 1 Holland Avenue, 3046 Northern Boulevard and 5601 Foster Avenue (Credit: Linkedin, Google Maps)

Self-storage startup Clutter makes its first real estate play with $152M deal

43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

Court Square Place at 24-01 44th Road in Queens and The New York Times' A.G. Sulzberger (Credit: Google Maps and Getty Images)

All the news that’s fit for Queens: NYT inks lease in Long Island City

Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

A rendering of Skyline Tower (Credit: Skyline Tower LIC)

A luxury development in LIC is to blame for viral subway flooding video: MTA

Clockwise from top left: 950 and 957 Woodycrest Avenue in the Bronx and 47-50 30th Street in Queens (Credit: Google Maps)

Here’s what the $20M-$30M NYC investment sales market looked like last week

5Pointz Towers and David and Gerald “Jerry” Wolkoff (Credit: CityRealty and Pixabay)

“We were always pro-artist”: Developer that knocked down 5Pointz wants to patch up relationship with NYC artists

arrow_forward_ios